EMEA Oil Update: Oil Rise as Military Escalation Shatters US-Iran Truce

Crude oil futures hovered near multi-week highs on Thursday after President Donald Trump declared the US-Iran ceasefire "over" following direct military strikes between US and Iran. Brent crude futures rose 0.7% to $78.55 per barrel after hitting more than $80 a barrel in the previous session, the highest since June 22. Murban crude futures eased 0.5% to $73.24/bbl after hitting their highest since June 17 on Wednesday. Trump said that as far as he is concerned, the Pakistan-mediated interim MOU with Iran is "over", dismissing the fragile ceasefire accord as "a waste of time". Speaking ahead of a NATO summit in Turkey, Trump signaled a sharp escalation in Middle East military action. Trump's remarks on Wednesday that the MOU with Iran was over do not necessarily signal the end of negotiations between the two countries, and little should be read into them until more clarity emerges, energy sector analysts told. Shipping traffic through the crucial Strait of Hormuz has partially rebounded to half of its pre-war baseline, according to an IRGC statement reported by Al Jazeera. However, shipping data indicates that most active vessel movements have been compressed along an.